Pharma major Sun Pharma's fourth quarter earnings beat street expectations on strong operational performance. Net profit surged 23 percent to Rs 1011.56 crore from Rs 820.2 crore a year ago.
The company's net sales also jumped 32 percent from Rs 2336.1 crore to Rs 3087.04 crore. The other income also halved to Rs 101.8 crore from Rs 211.9 crore last year.
Analysts on an average had expect the company to report a profit after tax of Rs 913 crore in Q4 on sales of Rs 2946 crore.
The board also approved bonus issue in the ratio of one share for every one share held on the record date. It has also declared a dividend of Rs 5 per share on face value of Rs 1 each.
Shares of Sun Pharma fell 1.72 percent to close at Rs 996.25 on Tuesday. The stock has risen nearly 38 percent this year outperforming the BSE Sensex which has gained about 4 percent. It also touched life-high of Rs 1024.75 earlier this week.
For the fiscal 2012-13, consolidated net profit stood at Rs 3,008.06 crore as against Rs 2,656.69 crore in the previous fiscal.
Total income from operations for FY'13 was at Rs 11299.86 crore as against Rs 8,019.75 crore in FY'12, it said.
Commenting on the performance, Sun Pharma Managing Director Dilip Shanghvi said: "Our sales for FY13 have crossed the USD 2 billion mark. While it took us almost 27 years to record USD 1 billion in revenues, the next billion was added in just 3 years."
The company's businesses continue to perform in line with expectations, he said, adding Sun Pharma would continue to focus on building a differentiated and specialty product portfolio and enhancing international presence.
"Overall, we shall strive to remain focused on execution and building a business with consistent performance," Shanghvi added.
Sun Pharma said it will issue bonus shares to existing shareholders to mark completion of 30 years and crossing the USD 2 billion revenue milestone.
Elaborating the performance, the company said sale of branded prescription formulations in India was Rs 780 crore for the fourth quarter, accounting for 25 per cent of total sales. For FY'13, sales were at Rs 2,966 crore accounting for 26 per cent of total sales.
In the US, sales were at USD 330 million for Q4FY13, up by 63 per cent. For FY'13, US sales were USD 1,132 million recording a growth of 56 per cent.
Formulation sales in rest of the world (ROW) markets outside of India and US accounted for USD 73 million in Q4FY13 while for FY13, it was USD 281 million.
(With inputs from PTI)
